Ninety One, SA’s largest asset manager, will vote to oppose the Heineken buyout of Distell on Tuesday, saying the price is too low and unfair to pension fund holders, who are forced to sell out rather than remain in an unlisted company.

European brewer Heineken made an R180 a share offer for SA’s biggest alcohol producer, which has had great success in Kenya, Mozambique and Nigeria and is well positioned to keep growing on the continent as more women drink alcohol, specifically ciders such as Distell’s Hunters...